The USD/CAD pair has delivered a breakdown of the consolidation formed in a range of 1.3230-1.3265 in the European session. The Lonnie asset is struggling to find its feet as the market mood is quite cautious ahead of the United States/Canada Employment data.
S&P500 futures are showing choppy moves as investors are hoping volatile quarterly result season due to higher interest rates from the Federal Reserve (Fed). The US Dollar Index (DXY) is demonstrating non-directional performance as United States markets will remain closed on account of Independence Day.
The Canadian Dollar will dance to the tunes of the Employment data. Canada’s Employment data will be keenly watched to get cues about interest rate guidance for Bank of Canada (BoC) policy.
USD/CAD has dropped sharply to near the lower segment of the consolidation formed in a range of 1.3207-1.3288 on a two-hour scale. The Loonie asset is maintaining the breakout of the downward-sloping trendline plotted from June 05 high at 1.3462.
The major has dropped below the 20-period Exponential Moving Average (EMA) at 1.3241, which indicates that the short-term trend is bearish.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range. The downside momentum would activate if the momentum oscillator would drop into the 20.00-40.00 range.
Going forward, a decisive move above June 07 low at 1.3321 would drive the asset to June 12 high at 1.3384 and June 06 high at 1.3452.
On the flip side, a downside move below June 16 low at 1.3177 could expose the asset to June 22 low at 1.3139 followed by the round-level support at 1.3100
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